The Nigerian National Petroleum Company Limited has said it plans to grow Nigeria’s gas reserves from the current 210 trillion cubic feet to about 600 trillion cubic feet.
The NNPCL also noted that it is working on its mandate to attract about $60 billion in investments into the gas sector.
This was disclosed by the NNPCL’s Executive Vice President, Gas, Power & New Energy, Olalekan Ogunleye, at the CERAWeek energy conference by S&P Global in Houston, according to a statement posted on X by the NNPCL on Friday.
Ogunleye reiterated that Nigeria is well-positioned to play a more significant role in global LNG and gas-based industry supplies, given its strategic geographical positioning in the middle of the global gas market.
At a panel session themed “The New Gas Order: Market Depth and the Reshaping of Global Trade” on Wednesday, he stated that the current Strait of Hormuz shipping constraint arising from the US–Israel vs. Iran conflict has further highlighted Nigeria’s unique positioning to be a major LNG and gas-based industries supplier due to its abundant gas resources and proximity to markets.
“He further clarified that the key deliverables of the NNPC Gas Master Plan include providing commercial incentives for gas exploration and development to move Nigeria’s validated reserves from 210.5 tcf to the estimated potential of approximately 600 tcf, as well as exceeding the FGN mandate to grow gas production volumes by 4.6 bcfd (62%) between the end of 2025 and 2030, to 12 bscfd from the current 7.4 bscfd, as well as attracting $60 billion in additional gas sector investment,” the statement said.
He concluded that the plan is neither aspirational nor theoretical, stating that the key characteristic of the NNPC Gas Master Plan is the application of execution discipline to the annual work plan to ensure that gas development growth targets are not just met but surpassed, consistent with the presidential gas production growth mandate.
